A congressional committee is scheduled to hold a hearing Monday to review whether the SEC had the resources to investigate the alleged fraud by Madoff and determine new safeguards that need to be put in place to help protect investors. The SEC has come under criticism for not fully investigating fraud allegations against Madoff's investment firm. Even SEC Chairman Christopher Cox said there were multiple failures by agency staff in looking into the allegations.
The congressional hearing is part of the House Financial Services Committee's broader review as it undertakes overhauling financial markets regulation in the coming years amid the ongoing credit and housing crisis.
Madoff, 70, a former Nasdaq stock market chairman, has become one of the most vilified people in America since news broke Dec. 11 that he allegedly had been running a giant Ponzi scheme, paying returns to certain investors out of the principal received from others.
So far, investors have said that they have lost more than $30 billion, according to an Associated Press calculation.
Reports indicate Madoff was running the alleged scam for decades.